Spirit Airlines (NYSE:SAVE) Given New $3.85 Price Target at Citigroup

Spirit Airlines (NYSE:SAVE) had its target price decreased by Citigroup from $4.00 to $3.85 in a report published on Wednesday morning, Benzinga reports. Citigroup currently has a sell rating on the stock.

SAVE has been the subject of a number of other reports. Barclays assumed coverage on shares of Spirit Airlines in a report on Wednesday, March 27th. They set an underweight rating and a $4.00 price objective for the company. Susquehanna lowered their price target on shares of Spirit Airlines from $5.00 to $4.00 and set a negative rating for the company in a research note on Tuesday, April 9th. Bank of America assumed coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They issued an underperform rating and a $5.00 price target for the company. Evercore ISI lowered their price target on shares of Spirit Airlines from $18.00 to $3.50 and set an in-line rating for the company in a research note on Thursday, April 4th. Finally, Seaport Res Ptn downgraded shares of Spirit Airlines from a buy rating to a neutral rating in a research note on Wednesday, January 17th. Five investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of Reduce and an average target price of $4.91.

Spirit Airlines Price Performance

Shares of NYSE:SAVE opened at $4.12 on Wednesday. Spirit Airlines has a one year low of $3.96 and a one year high of $19.69. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a fifty day moving average price of $5.28 and a two-hundred day moving average price of $10.41.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($1.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.06. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm posted $0.12 EPS. The firm’s revenue was down 5.0% compared to the same quarter last year. As a group, equities analysts anticipate that Spirit Airlines will post -2.75 EPS for the current year.

Spirit Airlines Dividend Announcement

The company also recently disclosed a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were given a $0.10 dividend. The ex-dividend date was Thursday, February 22nd.

Hedge Funds Weigh In On Spirit Airlines

Hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC increased its position in shares of Spirit Airlines by 467.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock valued at $32,000 after buying an additional 1,623 shares during the period. First Horizon Advisors Inc. purchased a new position in shares of Spirit Airlines during the fourth quarter valued at about $33,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Spirit Airlines by 272.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company’s stock valued at $41,000 after buying an additional 1,550 shares during the period. Cary Street Partners Investment Advisory LLC purchased a new position in shares of Spirit Airlines during the third quarter valued at about $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Spirit Airlines by 862.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock valued at $57,000 after buying an additional 3,106 shares during the period. Hedge funds and other institutional investors own 58.73% of the company’s stock.

About Spirit Airlines

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.